Here is my data:
Age: 70
Kids: 2 in high school ( will pay for their college)
I am still working. Wife is in her early 50s and doesn't work.
Salary: 200k (no 401k currently)
Taxable amount in stocks - 850k
IRA/roll over IRA - 3.5 million. Mostly in fidelity mutual funds. 1 million in in 2020 target fund.
Social security ( haven't started) -36k per year.
This is my last job and I might retire at the end of the year or early next year. Our expenses currently are about 120k per year. 36k from SS and 20k from stock dividends brings the total to 56k. How should I re-allocate the 3.5 million to get the 4% return that we could use for living and college expenses? I just started looking into this and any guidance is appreciated. Cares act states that I don't need to do RMD until 2022 so I like to let the amount grow inside.
Also, is there any value in adding more money to IRA at 70?
Submitted August 17, 2020 at 08:09PM by nelavanka https://ift.tt/2E9UAQL
